Last year, Congress let lapse a post-9/11 provision that required carriers to transport passengers stranded by a failed airline for a nominal fee. That means if your carrier goes under, your ticket is now worthless.
True, smaller upstart airlines can sometimes offer a great deal—witness Skybus's ten-dollar fares. Unfortunately, Skybus is now history—as are other victims of the record high oil prices earlier this year, such as ATA and Aloha. To play it safe, pay with a credit card and stick with a known quantity like Southwest or JetBlue when booking a low-fare carrier. Bigger airlines are less likely to go out of business completely, even if they declare bankruptcy.
http://www.concierge.com/cntraveler/articles/500116?pageNumber=3~~~~~~~~~
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